Certificates of Deposit
Citizens Savings Bank offers a wide variety of Certificates of Deposit. We can help you choose which maturity term and interest rate fits your needs best. Certificates of Deposit are a low-risk investment providing you with a higher fixed interest rate than a daily savings account and the assurance that each dollar you invest will be returned at maturity, plus interest! All of Citizens Savings Bank’s Certificates of Deposit are automatically renewable for your convenience. You can have your interest paid by check or deposited directly into another Citizens Savings Bank account of your choice. We have several representatives available to discuss your options at anytime!
Citizens Savings Bank offers competitive interest rates on all of its certificates of deposit. Choose the one that suits your savings needs. We offer a time frame from 91 days to 60 months. The minimum starting amount for any certificate of deposit is $2500.
Individual Retirement Account
As part of your long term planning for retirement, you should consider opening an Individual Retirement Account (IRA) with Citizens Savings Bank. Depending on the type of IRA you choose, contributions may be tax deductible and will grow either tax-deferred or tax-free! A Coverdell Education Savings Account (formerly Education IRA) is a great way for parents, grandparents or anyone to set aside funds for the education of a child or loved one. Contact a Customer Service Representative at Citizens Savings Bank for more information about the benefits of IRAs.
The Traditional IRA allows you to defer taxes on the earnings on your contributions until they are withdrawn. In addition, certain contributions are tax deductible in the tax year for which you make them.
The Roth IRA allows only nondeductible contributions and features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, if you expect to be in a higher tax bracket when you retire, you may benefit more from a Roth IRA than from a Traditional IRA.
Coverdell Education Savings Account (CESA)
The Coverdell Education Savings Account is a nondeductible account that features tax-free withdrawals for a very specific purpose – a child's educational expenses. Qualified expenses are now expanded to include qualified elementary and secondary school expenses as well as those for higher education.